Peter Schiff Says Bitcoin Bear Market Far From Over As It Continues Losing Ground To Gold

Gold bull Peter Schiff warned investors on Friday that Bitcoin’s (BTC) bear market is far from over, pointing to the cryptocurrency’s ongoing underperformance versus gold. 

In a post on X, Schiff noted that Bitcoin’s price has fallen roughly 34% against gold since reaching its all-time high in August. “If you think this bear market is nearing its end, think again!” he wrote. Schiff has long emphasized the role of gold as a hedge against market volatility and a store of value, especially in comparison to Bitcoin, which he views as vulnerable to speculative cycles and sudden sell-offs. 

While gold prices have been hitting new highs this week, Bitcoin and the rest of the cryptocurrency market have been struggling to recover from last weekend’s sell-off triggered by President Donald Trump’s threat of 100% tariffs on China on Friday. 

“The losses that are about to hit the crypto industry will be staggering. Expect a wave of bankruptcies, defaults, and layoffs as the sector is decimated by the imminent Bitcoin and Ether crash, which will obliterate the rest of the altcoin market,” Schiff wrote in an earlier post. He also noted that the current volatility could point to another stock market crash like the 2008 financial crisis.

The overall cryptocurrency market declined roughly 6% over the past 24 hours, bringing total market capitalization to about $3.6 trillion. Bitcoin (BTC), the largest cryptocurrency, fell 4.8% during the same period, trading near $105,400. Despite the drop, retail sentiment on Stocktwits remained ‘bullish,’ with chatter at ‘high’ levels.

Meanwhile, the SPDR Gold Shares ETF (GLD) slid 1.2% in midday trade on Friday. It was among the top trending tickers on Stocktwits at the time of writing. The dip came after gold spot prices hit a record high of over $4,379 earlier in the session. GLD’s price also jumped to a record high of more than $397 before paring gains.

Bitcoin’s price has gained more than 13% this year, while gold prices have popped more than 62% amid rising global trade tensions and increased volatility in the macro environment. 

Read also: Bitcoin Falls Below $105,000, Pulling MSTR Lower – XRP And Solana Drop Amid Banking Jitters

For updates and corrections, email newsroom[at]stocktwits[dot]com.

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